SEATTLE AVENUE

The American Success Institute provides some good information that I’d like to share. My income property clients can pretty much be divided into two categories: (1) seasoned investors (2) people who relocated for business or married and decided to rent out their home. The similarity is income property is income property — everyone has different goals and needs — everyone’s income property serves them differently. Knowledge is the key to getting the most from your income property. I read that six is sort of a magic number, a goal to achieve being the accrual of six rental properties. Read on.

How do you get your six properties? You could work and save. This may be the approach you use to purchase your first property, but to get from one to six properties through saving alone might be a long struggle. It’s tough to save $10,000 or $20,000 for each real estate downpayment.

You could work with partners, but one of the beauties of investment real estate is that you can usually control property without partners. But, if you have a father or brother or close friend who has funds, but not the investment skills and knowledge that you have acquired, then, maybe, you can consider a partnership.

Consider the ambitious young businessperson who wants to rise up the corporate ladder. He or she may have to agree to several relocations, moving from Boston to Reno to St. Louis to Seattle with each new promotion. This is the nature of business. The same may be true for you as an ambitious real estate investor. You may buy one house and even if you love that house, you may have to sell it. You need the profit to buy another house to sell at a profit and so on. You will be finding many wonderful profitable opportunities. You buy and resell to capture the profit in order to buy more property.

Master’s Tip: This buying and selling doesn’t have to go on forever. It only has to go on until you are satisfied with the size of your investment portfolio. This can take a year or five years. This isn’t the stock market. You are in control in this business. When you choose, you can stop and wait for your properties to appreciate and your rents to rise.